2019 Annual Report
Bayard
Corporate HQ
183 Bayard Lane
Princeton, NJ 08540
www.thebankofprinceton.com • 609.921.1700
Operations Center
403 Wall Street, Princeton, NJ 08540
New Jersey
Bordentown
335 Farnsworth Avenue
Bordentown, NJ 08505
609.291.8200
Browns Mills
101 Pemberton
Browns Mills Road
Brown Mills, NJ 08015
609.893.5540
Chambers
21 Chambers Street
Princeton, NJ 08542
609.921.6800
Chesterfield
305 Bordentown-
Chesterfield Road
Chesterfield, NJ 08515
609.324.1256
Cream Ridge
403 Route 539
Cream Ridge, NJ 08514
609.757.1120
Deptford
1893 Hurffville Road
Deptford, NJ 08080
856.227.9440
Hamilton
339 Route 33
Hamilton, NJ 08619
609.584.0011
Lambertville
10 Bridge Street
Lambertville, NJ 08530
609.397.0333
Lawrenceville
2999 Princeton Pike
Lawrenceville, NJ 08648
609.882.0500
Monroe
1 Rossmoor Drive, Suite 120
Monroe Twp, NJ 08831
609.655.7790
Montgomery
1185 Route 206 North
Princeton, NJ 08540
609.497.0500
Nassau
194 Nassau Street
Princeton, NJ 08542
609.921.3311
New Brunswick
1 Spring Street, Suite 102
New Brunswick, NJ 08901
732.993.0066
Pennington
2 Route 31 South
Pennington, NJ 08534
609.730.8500
Princeton Junction
11 Cranbury Road
Princeton Junction, NJ 08550
609.759.8100
Quakerbridge
3745 Quakerbridge Road
Hamilton, NJ 08619
609.981.8900
Sicklerville
483 Cross Keys Road
Sicklerville, NJ 08081
856.728.0343
Pennsylvania
Cheltenham
470 W. Cheltenham Avenue
Philadelphia, PA 19126
215.224.6400
Chinatown
921 Arch Street
Philadelphia, PA 19107
215.923.6200
North Wales
1222 Welsh Road
North Wales, PA 19454
215.631.9911
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Table of
Contents
Letter to the Shareholders.........i–ii
2019 Form 10-K ...............................1
Who We Are..................................111
The Bank of Princeton is approaching its 13th year
of operation and continues its success by staying
the course. The Bank’s strong capital position provides
when they present themselves.
the opportunity for future organic growth as well as the
ability to take advantage of acquisition opportunities
A n excitin g ne w
h e s t e r fi el d
D e p t f o r d
c k l e r v i
0 , 2
S i
l e
1
0
9
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M a
n t o
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’19
M ills B
o w n s
B r
MoreBank conversion to
The Bank of Princeton
completed March 30, 2019
Dear Fellow Shareholders,
The Bank of Princeton (the “Bank”) completed a successful year with
earnings of $10.1 million, or $1.47 per diluted common share, and total
assets of $1.45 billion. These results were a part of the Bank’s strategic
initiative of increasing shareholder value through controlled prudent
growth of the Bank’s earning assets, which grew $100.5 million during
2019. Total deposits increased $230.6 million during the same period.
The Bank is approaching its 13th year of operation, and continues its
success by staying the course with its original core mission of targeting
the commercial real estate and small business communities for their
lending needs and staying significantly involved in the community.
The Bank’s strong capital position provides the opportunity for future
organic growth as well as the ability to take advantage of acquisition
opportunities when they present themselves, such as the WSFS/
Beneficial Bank branch acquisition.
Edward J. Dietzler
President
Chief Executive Officer
Notable Highlights for 2019
The Bank is focused
on the strategy to
expand its cohesive
footprint along the
I-95 corridor.
• Net loans increased $105.4 million to nearly $1.2 billion at
year-end 2019 and reflected an 8.9% increase year over year.
• The quarterly cash dividend paid to The Bank of Princeton
shareholders increased by $0.07 per share to $0.10 per share
during the 3rd quarter of 2019, from its inception on
November 5, 2018.
• Acquired five branches with $178.0 million in low-cost deposits
in southern New Jersey from WSFS Bank on May 17, 2019.
The five branches are consistent with the Bank’s I-95 footprint.
• The Bank added the Princeton Junction branch in the 3rd
quarter 2019, followed by the Quakerbridge Road branch in the
4th quarter 2019.
• The Bank has received regulatory approval and expects to open
three additional branches and two unique ATM locations in 2020;
the branches will be located in Lakewood and Piscataway in New
Jersey and on Chestnut Street in Philadelphia, Pennsylvania.
These new locations will boost the total number of branches to
twenty-four, adding locations in Ocean and Middlesex Counties
in New Jersey and the Philadelphia Market.
The Bank is focused on the strategy to expand its cohesive footprint
along the I-95 corridor. This footprint along the I-95 corridor extends
from north New Jersey to Philadelphia. After going public in 2017, the
Bank started with opening the Cream Ridge branch in December 2018,
followed by two additional strategic branch locations in the 3rd (West
Windsor) and 4th (Quakerbridge) quarters of 2019. The Bank expects
that the three additional branches which were approved in 2019 will
open in the 1st and 2nd quarters of 2020 as discussed above. In addition,
the Bank executed on the acquisition of five branches from the WSFS/
Beneficial Bank merger. These additional branches added $178.0
million of low-cost deposits and were consistent with the Bank’s
strategic I-95 footprint focus. The Bank recognizes that attracting
and retaining core deposits is fundamental to the future success of
the Bank. Core deposits drive greater profitability and franchise
value, which can translate into higher stock value.
This expansion naturally comes with additional cost. The strong core
earnings power of the Bank provides sufficient revenue to allow the
Bank to continue to be a solid performer during the period it takes to
realize this investment in the franchise.
Finally, the Bank is making significant investments in its digital
platform. The investment in these digital technologies allows our
Bank customers to conveniently access the many Bank products and
services. In addition, while our existing customers can benefit from
the convenience, this technology also allows the Bank to recruit new
customers within our market areas. The digital platform offers the
Bank a more efficient way to market our brand along with our
products and services in our existing and new market areas while
extending the Bank’s reach to new customers.
The Board and Management of the Bank are excited about providing
the highest level of service along with being a strong partner in the
communities we service.
Richard Gillespie
Chairman
of the Board
Multiple new branch
openings and increased
deposits are fueling
our growth.
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The Bank of Princeton
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The Bank of Princeton
Who We Are
Board of Directors
Richard Gillespie
Chairman
Stephen A. Distler
Vice Chairman
Edward J. Dietzler
President
Chief Executive Officer
Ross E. Wishnick
Vice Chairman
Judith A. Giacin
Robert N. Ridolfi, Esq.
Stephen K. Shueh
Martin Tuchman
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Who We Are
Executive Management
Edward J. Dietzler
President
Chief Executive Officer
Daniel J. O’Donnell
Executive Vice President
Chief Operating Officer
& General Counsel
George S. Rapp
Executive Vice President
Chief Financial Officer
Christopher M. Tonkovich
Executive Vice President
Chief Credit Officer
Stephanie M. Adkins
Executive Vice President
Chief Lending Officer
Established in 2007, The Bank of Princeton opened its Chambers Street doors for
business on the 23rd of April. Since then, the Bank has grown to include eighteen
branch locations that serve Mercer, Burlington, Camden, Glouchester, Hunterdon,
Middlesex, Monmouth, Ocean, and Somerset counties in New Jersey along with
three branches in the Montgomery County and Philadelphia markets of Pennsylvania.
Today, The Bank of Princeton is comprised of twenty-one branch locations and a
comprehensive Operations Center headquartered in Princeton.
Marketing
Barbara A. Cromwell, SVP
Human Resources
Anna Maria Miller, SVP
Retail Administration
Debra L. Von Gonten, SVP
Rose Russo, AVP
Amy Zuccarello, AVP
Information Technology
Matthew T. Clark, SVP
Kyndle E. Alig, AVP
Operations, Compliance
Security & Facilities
Karen D. Pfeifer, SVP
Vincent Auletta, VP
Angela Bancroft, VP
Keith R. Bitzel, VP
Joseph H. Robotin, VP
Ryan M. Cavicchio, AVP
Justin Naidoo, AVP
Jamie Wilson, AVP
Loan Administration
Karen A. Collier, SVP
David Geyer, SVP
Mary Beth Gorecki, SVP
Michelle Goldstein, VP
Stephen R. Helhowski, VP
Amela Muslic, VP
Stanley Plytynski, VP
Marianne Pugliese, VP
Lana Tremblay, VP
Lukasz Gargas, AVP
Theresa Harris-Norfleet, AVP
Wanda M. Szymanski, AVP
Eleanor Velasquez, AVP
Thomas Waszkiewicz, AVP
Denise Youn, AVP
Incorporators
Finance
Jeffrey T. Hanuscin, SVP
Edward P. Hassenkamp, VP
Carmen Lloja-MacKenzie, AVP
Rosemary Tumino, AVP
Commercial Lenders
Arthur M. Birenbaum, SVP
William McCoy, SVP
Kris Muse, SVP
Paul M. Bencivengo, VP
William McDowell, VP
Jennifer Yoo, VP
Michele Lewis-Fleming, AVP
Market Managers
Princeton Region
Roseanne Maresma, AVP, Montgomery, RRM*
Henrry Polanco, Bayard Lane
Darshana Jadav, Chambers Street & Nassau Street
Wendy J. Evans, Monroe
Miriam Colón, New Brunswick
Central Region
Nedgine Douge, AVP, Hamilton, RRM*
Barbara Brehaut, Hamilton
Paul Sabol, Bordentown
Donna Craddock, Browns Mills
Shannon Bennett, Chesterfield
Jeralyn H. Lang, Cream Ridge
Lourdes Pagan, Quakerbridge Road
Southern Region
Kelly Zane, AVP, Deptford, RRM*
Sokha Eng, Arch Street
Esther Youngsoon Sim, Cheltenham
Mi Kyung Kim, North Wales
Christina Lerro, Sicklerville
Western Region
Karin van Garderen, AVP, Lawrenceville, RRM*
Jonathan Collins, Lambertville
Natalie Cassion, Pennington
Rhoda Sundhar, Princeton Junction
* Regional Retail Manager
Gregg E. Chaplin
Andrew M. Chon
Peter M. Crowley
Stephen A. Distler
Richard Gillespie
Bumsung K. Han
John A. Horvath
Kevin R. Kenyon
W. Andrew Krusen, Jr.
Janet M. Lasley
Emmett J. Lescroart
Dennis M. Machulsky
Casey K. Min
J. Scott Needham
Henry S. Opatut
Robert N. Ridolfi, Esq.
James M. Riley
Jeffrey H. Sands
Eric L. Steinfeldt
Ross E. Wishnick
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“ Taking the time to build community, to get to know
your people will have long-lasting benefits.”
– Clifton Taulbert
Thank you
to our community
partners for helping
Make a Difference.
Isles, Inc.
Montgomery Township
Puerto Rican Action Board
Jason Fuhr Memorial Charity
Education Foundation
Rebuilding Together Essex County
Golf Tournament & Scholarship Fund
Montgomery Township
Rebuilding Together Philadelphia
Jewish Family & Children’s Service
Fireworks Committee
Robert Wood Johnson University Hospital
of Greater Mercer County
Montgomery Township
Hamilton Foundation
JFCS Mobile Food Pantry
Volunteer Fire Company No. 1
Rotary Club of Princeton, The
Joint Effort: Princeton
Safe Streets Weekend
Kalmia Club, The
Kidpreneur
Montgomery Woman’s Club
SAFE in Hunterdon
Morven Museum & Garden
San Felese Lodge
Mount Carmel Guild of Trenton
Send Hunger Packing Princeton
Music & Theatre Parents
Sixth Man Club
Korean American Institute of Princeton
Association of Hopewell Valley
Societa Napoletana
Korean CBMC of North America
Central High School
Solebury Township Historical Society
Korean Senior Golf Association
New Brunswick City Center
Sourland Conservancy
Ladies Auxiliary of the
Chesterfield Hose Co.
New Brunswick Domestic Violence
Spectrum for Living
Response Team
Steinert School Fund: DECA
Lambertville / New Hope Winter Festival
New Hope Historical Society
TCA eSports Program
Lambertville Area Education Foundation
NJ Bankers Association
Team Habitat Company Build Day
Lambertville Historical Society
Notre Dame High School
Thomas Edison State
Lambertville-West Amwell Youth
Om Parikh Memorial Fund
University Foundation
ACME Screening Room
Advancing Opportunities
Allentown Food Pantry
American Foundation
for Suicide Prevention
Chesterfield Township Historical Society
Friends of Hopewell Valley Open Space
Baseball & Softball Association
Parkinson Alliance, The
Town Clock Community
Children’s Home Society
of New Jersey, The
Christian Caring Center
Friends of Rittenhouse Square
Gift of Life Donor Program
Lawrenceville Winter Market
PEI Kids
Development Corporation
LaShir, The Jewish Community Choir
Penn Asian Senior Services
Township of Chesterfield
Gloucester Township Fire District #5
of Princeton
Pennington Business & Professional
Township of Lawrence
Christine’s Hope for Kids Foundation
Greater Philadelphia Asian
Lawrence Township Education Foundation
Association
Toys for Tots: Camden County
American Heart Association
Clarifi
Arc of Hunterdon County, The
Communiversity
Social Services Center
Greater Philadelphia
Arts Council of Princeton
Big Brothers Big Sisters
of Mercer County
Consolidated Fire Association
Coalition Against Hunger
Corner House Foundation
Grounds for Sculpture
Crosswicks Community Association
Habitat for Humanity
Lawrenceville Main Street
Pennington Day, Inc.
Trenton Area Soup Kitchen, The
Learning to Lead
LifeTies, Inc.
Pennington Public Library
Trenton Catholic Academy
Petey Greene Program, The
Trenton Circus Squad
Main Street New Egypt
Philabundance
Trinity Church
Mainstage Center for the Arts
Philadelphia Holy Redeemer
Triple C Housing, Inc.
Bordentown City Veterans
Crosswicks Library Company
in Monmouth County
Meals on Wheels in
Chinese Catholic Church and School
United Way of Hunterdon County
Memorial Committee
Deborah Hospital Foundation
Habitat for Humanity of
Greater New Brunswick
Planned Lifetime Assistance
Unity Square: Trunk or Treat
Bordentown Regional High School
Delaware River Steamboat Floating
Burlington County and
Meals on Wheels of Mercer County
Network of NJ
Bordentown Rotary Club
Classroom, Inc., SPLASH
Greater Trenton-Princeton
Mercer Council on Alcoholism
Plumstead Township
West Windsor - Plainsboro
Regional School District
Bridge Academy of New Jersey, The
Delaware River Towns Chamber
Habitat for Humanity Philadelphia
& Drug Addiction
Police Unity Tour Inc., Chapter 10
Widener University
Budget Challenge
Burlington Mercer
of Commerce & Visitors Bureau, The
Habitat for Humanity,
Mercer County Community
Prevent Child Abuse
Womanspace
Delaware Township Schools,
Raritan Valley Chapter
College Foundation
Princeton Area Alumni Association
WW-P Robotics: MidKnight Mayhem
Chamber of Commerce
Partners in Education
Hamilton Educational Foundation
Mercer County Turkey Trot
Princeton Battlefield Society, The
YWCA Princeton
Business NJ, LLC
Camp Sunshine
Capital Area YMCA
Downtown Bordentown Association
HomeFront
Mercer Street Friends
Princeton Education Foundation
Dress for Success Central
New Jersey - 7 Counties
Hope Hose Humane Co. No. 1
Hopewell Valley Arts Council
Mid-Summer Marketing Showcase
Princeton Family YMCA
Mil Al Mission
Princeton Little League
Capital Health Foundation
Eden Autism Services Foundation
Hopewell Valley Education Foundation
Monroe Indians for Civil Action
Princeton Mercer Regional Chamber
CASA of New Jersey
Elijah’s Promise
Hopewell Valley Veterans Association
Montgomery / Rocky Hill Rotary Club
Princeton Pro Musica
Catholic Charities, Diocese of Trenton
First Friday Fireworks
Hopewell Valley YMCA
Montgomery Baseball League
Princeton Public Library
Center for Educational Advancement
Foundation for Bordentown
Housing Initiatives of Princeton
Montgomery Business Association
Princeton Senior Resource Center
Central Jersey Housing
Traditions, Inc., The
Hunterdon County Chamber of Commerce
Montgomery County Korean
Princeton Symphony Orchestra
Resource Center
Chapin School
Friendly Sons & Daughters of
I Believe in Pink
Senior Association
Princeton University
St. Patrick of Mercer County, The
Iron Mikes Foundation
Montgomery High School -
Summer Chamber Concerts
Friends of Ely Park
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Cougar Football Club
Project Freedom
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